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Old 10-17-2013, 12:58 AM   #1
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Ok, people, capital controls are here.

At least at Chase Bank, all transfers of money OUT of the U.S. will no longer be allowed after November 17th. However, all incoming and internal transfers will be allowed. This is the prelude to what we have been expecting to happen. And this is ALWAYS what has ALWAYS happened throughout history just before a government default.

In the next 30 days, we should see massive movements of money OUT of the U.S. before the door is slammed shut. I am assuming that Chase is just the government stooge to break the news and that the government is clamping down on ALL banking facilities, which would include Western Union, PayPal, Credit Unions, Banks, International Money Orders, and so on.

If you need to move money out of the U.S., be aware that now is the time to consider doing it.

And if this is or gets to be as bad as it appears to be, how are the oil companies, for example, going to pay for the crude oil that the U.S. needs for fuel, etc?

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This is the letter that we received directly from Chase. This is not secondhand information.

The letter clearly states that beginning November 17:

• All international wire transfers will be disallowed.

• All cash activity, including cash withdrawals and deposits, will be halted at "$50,000 per statement cycle." How are businesses who deal with a lot of cash (such as restaurants) supposed to function under such restrictions?

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Dropping the hammer on capital controls

This is the beginning of the capital controls we've been warning about for years. Throughout history, when governments are on the brink of financial default, they begin limiting capital controls in exactly the way we are seeing here.

Following that, governments typically seize government pension funds, meaning the outright theft of pensions for cops, government workers, etc., is probably just around the corner.

Finally, the last act of desperation by governments facing financial default is to seize private funds from banks, Cyprus-style. The precedent for this has already been set in Cyprus, and when that happened, I was among many who openly predicted it would spread to the United States.

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This is clearly stemming from a government policy that is requiring banks to prevent cash from leaving the United States. Such policies are only put into place when a huge financial default event is expected.

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Last edited by mmerlinn; 10-17-2013 at 01:02 AM.
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Old 10-17-2013, 06:27 AM   #2
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Looking at a few other sources, this 50k limit on business accounts seems to be limited to cash transactions. You can get a higher limit if you upgrade to a more expensive account. This looks to be more of a way to make more money through premium business accounts. This is another consequence of the government tinkering with how much money banks can make off debt cards. They have to find money elsewhere.
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Old 10-17-2013, 10:29 AM   #3
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Hmmmm.......not sure what to make of this one. It almost looks like they are trying to force folks to maybe go a different, more expensive route by using a premium service, which appears to be more flexible. After all, as a bank, they get to peel off a vig each time you do a transaction, so to severely limit the amount of cash you can move around makes no sense, unless it is to force a person or a company to use a more expensive way to do things, resulting in higher fees for Chase.
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Old 10-17-2013, 11:07 AM   #4
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The bank actually tweeted alex jones on "clarification"- trying to say alex was confused...
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Old 10-17-2013, 11:11 AM   #5
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